15 October 2009 16:39 [Source: ICIS news]
BRUSSELS (ICIS News)--The European Chemical Industry Council (Cefic) said on Thursday that it warmly welcomed the free trade agreement (FTA) between ?xml:namespace>
“The chemical industry depends on open trade and this is a good agreement for us,” said Rene van Sloten, Cefic’s trade expert.
The EU already has a positive trade balance in chemicals with
He also insisted on the importance of the deal in “lowering import costs for certain materials” that are necessary to the chemical industry.
“This deal shows a commitment to free trade and is especially important in this time of looming protectionism,” said van Sloten.
However, he said it was “difficult to forecast” in absolute numbers how the deal will benefit the EU chemical industry.
He said Cefic hoped that the EU would now renew efforts to conclude similar agreements with
EU trade commissioner Catherine Ashton and Korean Trade Minister Kim Jong-hoon initialled the agreement, estimated to be worth up to €19bn ($28bn) in new trade for EU exporters, in
The Commission called it “the most important [FTA] ever negotiated between the EU and a third country”. It will present the agreement to EU member states in early 2010.
Following their approval and that of the EU presidency, the FTA will then be presented to the European Parliament for a final sign off.To discuss issues facing the chemical industry visit ICIS connect
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